Why All Of America's New Crude Oil Still Won't Lower Gas Priceshttp://www.businessinsider.com/domestic-crude-production-and-gas-prices-2013-2/comments
en-usWed, 31 Dec 1969 19:00:00 -0500Sun, 02 Aug 2015 17:21:36 -0400Rob Wilehttp://www.businessinsider.com/c/5124f5326bb3f7562a000002sharonsjWed, 20 Feb 2013 11:09:22 -0500http://www.businessinsider.com/c/5124f5326bb3f7562a000002
Yeah and we'd get first dibs on the environmental destruction and the clean-up costs too. Keystone is a joke. The Repubs are selling it as "energy independence" and a job creator--which are total lies. The permanent jobs created are either 20 or 200 (nobody can agree on the precise number but it certainly isn't the 20,000 claimed).http://www.businessinsider.com/c/5124dc006bb3f75378000005Willie Wed, 20 Feb 2013 09:21:52 -0500http://www.businessinsider.com/c/5124dc006bb3f75378000005
With the Fed printing more $ --oil is priced in $---the purchasing power of the $ goes down---the Banks get those new $ first --they buy commodites OIL stocks etc as there is no where else to go with these new $---the OBAMA uninformed voter gets screwed the most and the rest of us next---unintended FED stupidityhttp://www.businessinsider.com/c/5124c95069beddb13b000021tjnWed, 20 Feb 2013 08:02:08 -0500http://www.businessinsider.com/c/5124c95069beddb13b000021
plenty of oil out there just costs more to pull it out of the ground.http://www.businessinsider.com/c/5124c906ecad04585e00005dtjnWed, 20 Feb 2013 08:00:54 -0500http://www.businessinsider.com/c/5124c906ecad04585e00005d
The cost of production of oil from Canadian oil sand flowing through the proposed Keystone pipeline is some where around $80 a barrel. So You are going to be hard pressed to get oil below $80 a barrel from that source. Fracking cost a lot more than pumping traditional oil out of the ground, and newer traditional oil source a deep off shore which drive up extraction costs. Don't expect oil to ever drop below $70-80 a gallon no matter how bad the oversupply in the oil market is.http://www.businessinsider.com/c/51247c156bb3f7203d00001bGary AndersonWed, 20 Feb 2013 02:32:37 -0500http://www.businessinsider.com/c/51247c156bb3f7203d00001b
At that point the bankers will be screwed.http://www.businessinsider.com/c/51247bf0ecad04385300000bGary AndersonWed, 20 Feb 2013 02:32:00 -0500http://www.businessinsider.com/c/51247bf0ecad04385300000b
It is all about speculation. It has nothing to do with supply and demand, oh but in a way. It has to do with the supply and demand of oik contracts in an age of too much money chasing too few financials. Rob, you need to check that out. Lots of articles popping up about it.http://www.businessinsider.com/c/5124513cecad047005000002HistoryTue, 19 Feb 2013 23:29:48 -0500http://www.businessinsider.com/c/5124513cecad047005000002
This is what peak oil looks like.http://www.businessinsider.com/c/51244f89ecad04957b00002bblack swanTue, 19 Feb 2013 23:22:33 -0500http://www.businessinsider.com/c/51244f89ecad04957b00002b
"But all that production is never really going to lower Americans' gas prices — which recently screamed higher — because we are competing with the entire world for the oil that it comes from."
Nope, that's not why consumers are paying a high price for gasoline, now that the US is producing more oil than it has in decades, and using less oil than it has in years. Hint, it's not because of supply and demand. Some say it's because of the lower dollar, but how would that explain the low gasoline prices in countries whose currencies are pegged to the dollar, like Saudi Arabia? So how much less are the consumers in other oil producing countries paying for gas?
Venezuela- $0.18 per gallon
Saudi Arabia- $0.48 per gallon
Libya- $0.54 per gallon
Turkmenistan- $0.72 per gallon
Bahrain- $0.78 per gallon
Kuwait- $0.84 per gallon
Qatar- $0.90 per gallon
Egypt- $1.14 per gallon
Oman- $1.20 per gallon
Algeria- $1.20 per gallon
"International oil companies own the US Congress and the President, so big oil sets US prices. The governments of those other countries nationalized the oil, and they set the consumer prices."
Was it supply and demand that drove oil prices to $147 a barrel in July of 2008, and then drove the price down to $32 a barrel in December of the same year? Of course not, it was the leveraging and then the deleveraging of oil futures that did that? The price of oil doesn't drive the market, the market drives the price of oil.http://www.businessinsider.com/c/512445c26bb3f7bd5e000003I think you missed the author's pointTue, 19 Feb 2013 22:40:50 -0500http://www.businessinsider.com/c/512445c26bb3f7bd5e000003
"But all that production is never really going to lower Americans' gas prices — which recently screamed higher — because we are competing with the entire world for the oil that it comes from."
It's demand driving prices. Not American demand - which has been declining pretty steadily since 2007. But we're a shrinking market segment and now account for less than 1/4 of the world market for oil. Asian markets now set the global price for crude.http://www.businessinsider.com/c/512444dc69bedd6a78000020Wing WongTue, 19 Feb 2013 22:37:00 -0500http://www.businessinsider.com/c/512444dc69bedd6a78000020
Preeze to not birrrd keystone piperine. All canada oil are belong to China!!!
Your comment highlights just how ridiculous opposition to Keystone is. At least Texas refineries would get first dibs on Canadian oil before it ships overseas. If we don't build it, China will suck up every last drop of crude coming out of Alberta.http://www.businessinsider.com/c/5124265b6bb3f72222000003c smithTue, 19 Feb 2013 20:26:51 -0500http://www.businessinsider.com/c/5124265b6bb3f72222000003
Yea...you tell 'em Steve...we'll show those filthy Canadians a thing or two! Not like they can build a different pipeline to the west coast and ship their oil to China or anything...http://www.businessinsider.com/c/51241e1d69bedd152300000asmartest oneTue, 19 Feb 2013 19:51:41 -0500http://www.businessinsider.com/c/51241e1d69bedd152300000a
ppl keep thumbing down my comments but it's me who has been right about almost everything , including not only that gas prices would keep going higher but that there would be zero negative impact to the economy. <a href="http://tinyurl.com/wef9hwswww" target="_blank" rel="nofollow" >http://tinyurl.com/wef9hwswww</a>
pain at the pump is here to stay, buy UGA
still not inflationary according to the bond market thohttp://www.businessinsider.com/c/512418926bb3f71d0a000005Steve in FlyoverTue, 19 Feb 2013 19:28:02 -0500http://www.businessinsider.com/c/512418926bb3f71d0a000005
Wake up dude. Keystone isn't about helping the US, or it's citizens. It about getting Canadian oil into a place where it can be sold on the global market.
A few people will get a license to print money. The majority will "socialize the losses", when it comes to environmental damage, polluted groundwater, etc.http://www.businessinsider.com/c/512417876bb3f7490a000001Steve in FlyoverTue, 19 Feb 2013 19:23:35 -0500http://www.businessinsider.com/c/512417876bb3f7490a000001
The good news.........when $5/gallon gas has trashed the Main Street economy AGAIN, that consumption number is going to go waaaay down.
That giant sucking sound is the bottom 80% swirling down the toilet bowl.http://www.businessinsider.com/c/5124175c6bb3f7be0700000bTalk Talk Talk -- Let's See Some ActionTue, 19 Feb 2013 19:22:52 -0500http://www.businessinsider.com/c/5124175c6bb3f7be0700000b
Instead of speculating as to whether it will or won't --
let's approve the Keystone pipeline, and
clear the multi-years backlog of permit requests for drilling on federal lands in the west, and
open up Anwar, and
clear the backlog of coastal permit apps.
Then we don't have to speculate about this any longer.http://www.businessinsider.com/c/5124165b69bedd980f00000fSteve in FlyoverTue, 19 Feb 2013 19:18:35 -0500http://www.businessinsider.com/c/5124165b69bedd980f00000f
So as suspected, the whole "energy independence" thing was BS.
Next up......"food and water independence"
So......what happens when everything people need for basic existence is "priced out" of their ability to pay?http://www.businessinsider.com/c/512414cfeab8ea844c00000dSaul SilverbergTue, 19 Feb 2013 19:11:59 -0500http://www.businessinsider.com/c/512414cfeab8ea844c00000d
Yep all fixed by the cabal of Hebs on Wall Street!http://www.businessinsider.com/c/51240be86bb3f70a73000007i like bainTue, 19 Feb 2013 18:34:00 -0500http://www.businessinsider.com/c/51240be86bb3f70a73000007
pain at the pump is here to stay and there is zero evidence is is hurting the economy
<a href="http://tinyurl.com/wef9he3wee" target="_blank" rel="nofollow" >http://tinyurl.com/wef9he3wee</a>http://www.businessinsider.com/c/5124099eecad04277c00000cAqua BuddhaTue, 19 Feb 2013 18:24:14 -0500http://www.businessinsider.com/c/5124099eecad04277c00000c
You guys are just now figuring out that prices have nothing to do with demand but as is with the silver Markets are all FIXED. Yes just like Libor the cost of oil is whatever the controllers want it to be!